HONG
KONG-based start-up 300cubits has suspended its container
shipping cryptocurrency, as the industry enters "crunch time" for
freight-tech, reports London's Loadstar.
In 2017, the firm set out to solve container
shipping's "booking shortfall", a US$23 billion problem created by
five million TEU of "no show" and "rolled" cargo every
year.
By introducing a booking deposit in the form of the TEU
token, a cryptocurrency based on the Ethereum blockchain network,
300cubits hoped to help eliminate the industry's "trust issue".
Trial shipments began in March 2018, but Johnson
Leung the company's co-founder, said transaction volume had been "far
from commercial", despite participation from carriers Maersk,
CMA CGM, MSC, and Cosco and shippers such as Li
& Fung Logistics, BASF, JF Hillebrand and Esprit.
"Only a couple hundred containers have gone through
the system," Mr Leung said.
Source : HKSG.
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